March 19 2009 | Category: Investor
Dutch Government supports AM-Pharma in development of first drug against Acute Kidney Injury
Bunnik, The Netherlands, March 19, 2009. AM-Pharma B.V., the biopharmaceutical company developing endogenous proteins to combat disease, today announced it is receiving a loan of up to €5 million from SenterNovem, an agency of the Dutch Ministry of Economic affairs.
The loan is granted to support development of AM-Pharma’s Recombinant Optimized Human Alkaline Phosphatase as a treatment for Acute Kidney Injury, a medical condition responsible for the death of approximately seven hundred thousand people per year in the western world.
SenterNovem has provided the loan to AM-Pharma under the recently implemented InnovatieKrediet scheme. AM-Pharma is the first Dutch biotechnology company to benefit from this new facility. An initial amount of €2.25m has been committed for product manufacturing and will be paid out in advance of a number of agreed development milestones. A further €2.75m for subsequent clinical development up to Phase II Proof of Concept can be requested by AM-Pharma in 2010. This interest bearing loan will have to be repaid only after successful development of the product.
Bart Wuurman, CEO commented: “I am very proud that AM-Pharma is the first Dutch biotech company to benefit from this scheme. This type of financing is important to us as it will further strengthen the funding of our company. We also see this loan as recognition of the high medical importance of the drug we are developing against Acute Kidney Injury.”